Many people ask should I pay off my mortgage? But maybe there is a better way to get out of debt. When you take out a mortgage you have to have a mortgage agreement. The mortgage agreement consists of all the legal requirements to make the mortgage watertight and sets out the terms of how the lender and borrower must interact with each other. Many people ask how to write off your mortgage and there have been cases where the banks cannot provide proof and therefore the debt does not exist.

So it might be better to write off your mortgage rather than asking should I pay off my mortgage.

The first thing that you have to do if you want to write off your mortgage is to contact the lender or the bank. Make sure you write a letter so that everything is in writing.

When writing the letter you have to ask the bank for a copy of the mortgage or credit agreement and if the bank cannot provide a signed copy then you have a great chance to get rid of your mortgage thanks to the incompetence of the banks administration system.

​

Recently I asked for a copy off the loan agreement from my bank and they responded that they mislaid the signed copy. If they cannot produce a original signed copy then the chances are you can have the debt written off. So rather than asking the bank should I pay off my mortgage I will demand they write it off.

​

If you are lucky enough to discover that the bank has mislaid your signed mortgage agreement then you can write another letter explaining that you will not make another payment until you are given a copy of the credit agreement. The banks and lending companies may threaten to take legal action however if you think about it without a copy of the credit agreement they do not have a leg to stand on.

​

You can do this yourself or your can seek the assistance of a lawyer, I would suggest the latter and even if you pay a significant fee for the mortgage to be written off then the amount you save by not paying the mortgage will more than meet the cost. When looking for a lawyer or solicitor make sure that they are reputable, if you can find one where they only work on no win no fee status then you have got nothing to lose.

​

The lawyers usually take on cases where they have a strong chance of winning and if your case is favored then the likelihood of you writing off your mortgage becomes really realistic. Imagine paying approximately $1000 for the next 30 years and having the slate wiped clean.

​

Many people believe that this is a unethical way to treat the banks however if you consider the mess we are in today financially due to the banks it more than makes up for the ethical issues. Writing off your mortgage by the off chance that the banks have mislaid the credit agreement is not common however there have been cases so you have nothing to lose by just checking.

​

If you think about it over the course of the next 30 years the banks will make so much profit, if you purchase a home for $150,000 then the chances are you will be paying back $350,000 over the period of 30 years, is this really fair? Shouldn’t mortgage rates be even lower when you consider this scenario?

​

Overall if you are considering writing off your mortgage then always write to the bank and keep a copy of the letter along with the date. Keep all correspondence from the bank and always use a lawyer or solicitor who knows what they are doing. By systematically taking on the banks you can really write off your loans, all it takes is a little luck and patience.

Many people ask should I pay off my mortgage? But maybe there is a better way to get out of debt. When you take out a mortgage you have to have a mortgage agreement. The mortgage agreement consists of all the legal requirements to make the mortgage watertight and sets out the terms of how the lender and borrower must interact with each other. Many people ask how to write off your mortgage and there have been cases where the banks cannot provide proof and therefore the debt does not exist.

So it might be better to write off your mortgage rather than asking should I pay off my mortgage.

The first thing that you have to do if you want to write off your mortgage is to contact the lender or the bank. Make sure you write a letter so that everything is in writing.

When writing the letter you have to ask the bank for a copy of the mortgage or credit agreement and if the bank cannot provide a signed copy then you have a great chance to get rid of your mortgage thanks to the incompetence of the banks administration system.

​

Recently I asked for a copy off the loan agreement from my bank and they responded that they mislaid the signed copy. If they cannot produce a original signed copy then the chances are you can have the debt written off. So rather than asking the bank should I pay off my mortgage I will demand they write it off.

​

If you are lucky enough to discover that the bank has mislaid your signed mortgage agreement then you can write another letter explaining that you will not make another payment until you are given a copy of the credit agreement. The banks and lending companies may threaten to take legal action however if you think about it without a copy of the credit agreement they do not have a leg to stand on.

​

You can do this yourself or your can seek the assistance of a lawyer, I would suggest the latter and even if you pay a significant fee for the mortgage to be written off then the amount you save by not paying the mortgage will more than meet the cost. When looking for a lawyer or solicitor make sure that they are reputable, if you can find one where they only work on no win no fee status then you have got nothing to lose.

​

The lawyers usually take on cases where they have a strong chance of winning and if your case is favored then the likelihood of you writing off your mortgage becomes really realistic. Imagine paying approximately $1000 for the next 30 years and having the slate wiped clean.

​

Many people believe that this is a unethical way to treat the banks however if you consider the mess we are in today financially due to the banks it more than makes up for the ethical issues. Writing off your mortgage by the off chance that the banks have mislaid the credit agreement is not common however there have been cases so you have nothing to lose by just checking.

​

If you think about it over the course of the next 30 years the banks will make so much profit, if you purchase a home for $150,000 then the chances are you will be paying back $350,000 over the period of 30 years, is this really fair? Shouldn’t mortgage rates be even lower when you consider this scenario?

​

Overall if you are considering writing off your mortgage then always write to the bank and keep a copy of the letter along with the date. Keep all correspondence from the bank and always use a lawyer or solicitor who knows what they are doing. By systematically taking on the banks you can really write off your loans, all it takes is a little luck and patience.

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I know a couple who wrote off all their personal loans with the HSBC Bank. They wanted to see a copy of the credit agreement which HSBC could not find. The original with the wet signature had been misplaced. Eventually HSBC agreed to write off the debt without any negative markers on their credit file. Sometimes it does work!

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